DSGE models in economic theory: a bibliometric approach

Abstract

This article studies the Dynamic Stochastic General Equilibrium (DSGE) model from its origin to 2016. Its goals are to show: the evolution of the number of publications on DSGE, the most cited articles, the journals that publish the most and the main research areas. For this, it uses descriptive and cocitation bibliometric analysis. The results show an increase in the number and participation of articles on DSGE models published in scientific journals. Christiano, Eichenbaum and Evans (2005), Calvo (1983) and Smets and Wouters (2007) are the most cited works by articles that deal with the DSGE models. The Journal of Economic Dynamics & Control, the Journal of Money Credit and Banking and Economic Modeling are the scientific journals that have published the most. The citation network analysis reveals a nucleus formed by Smets and Wouters (2003 and 2007) and Christiano, Eichenbaum and Evans (2005) surrounded by five clusters: i) origin of the approach; ii) identification, estimation, evaluation, and prediction issues; iii) government spending effects and financial frictions; iv) the labor market frictions and involuntary unemployment; and v) open economy. Such results provide a quantitative dimension to the history of DSGE models.